UFC buys out biggest rival in fight world: PRIDE

UFC buys out PRIDE, its biggest MMA rival

In a deal that puts virtually all of the world's top mixed martial artists under one promotional roof, the owners of the Ultimate Fighting Championship have acquired PRIDE Fighting Championships.

Lorenzo Fertitta, who along with his brother Frank, purchased PRIDE FC from Dream Stage Entertainment for a reported price of less than $70 million, announced the transaction in Tokyo on Tuesday.

"We have been fierce competitors, but about 10 months ago, we started talking about some type of strategic alliance that we could put together that would ensure the future of MMA," Lorenzo Fertitta said. "UFC and PRIDE are the foundation of the sport, and we're going to put on megafights that are going to take mixed martial arts to the next level."

The Fertitta brothers created PRIDE Worldwide Holdings LLC to run the Japan-based organization, which will continue to operate independently from the UFC. This paves the way for bouts between champions from each promotion, a concept the companies never could agree upon under separate ownership.

PRIDE, which lost its Japanese TV contract last year and was struggling financially, will adopt the U.S. unified rules for mixed martial arts and begin staging shows under its new ownership after its April 8 show in Tokyo. Under the new ownership, PRIDE is expected to increase its presence in the United States.